Legal News

Compensation for Jamie Dimon Reduced by JPMorgan Chase & Co Board of Directors
Download PDF

The annual bonus for Jamie Dimon has been cut in half by JPMorgan Chase & Co’s board of directors, who cited the company’s $6.2 billion “London Whale” trading loss, according to Reuters.

“As chief executive officer, Mr. Dimon bears ultimate responsibility for the failures that led to the losses in the Chief Investment Office,” the bank said in a filing on Wednesday with the Securities and Exchange Commission.

  
What
Where


In 2012, Dimon made $11.5 million, according to the filing from the company. His compensation consisted of $1.5 million and a bonus of $10 million. Dimon received $23 million in 2011, with $21.5 million of it a bonus.

Dimon said that he respects the decision of the board.

Dimon told analysts during a conference call that the company is planning to reduce its share buybacks in 2013 in order to increase capital so the company can meet international standards by the end of 2013.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




“We continued to see favorable credit conditions across our wholesale loan portfolios and strong credit performance in our credit card portfolio,” Dimon said in a statement.

Glenn Schorr, an analyst with Nomura, said, “All in, we think it’s a good quarter for JPM, and underscores their solid earnings power. Solid earnings progression, capital build & return and reasonable valuation should make ’13 another good year in the stock.”



 

SEARCH IN ARCHIVE

Most Popular

Legal Career Resources

June 21, 2016 Why the Law Firm Associate Salary Increase Is a Bad Thing

Summary: With the happiness of a bigger paycheck come repercussions for many of the law firms that can’t afford to keep up with the top law firms. Read the Top 10 Reasons Why High Junior Associate Salaries Are Destroying the […]

read more
To Top